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Exodus, the multi-chain wallet, has announced its financial results for the second quarter of 2023, revealing a 4% decrease in revenue, generating $12.4 million compared to the previous year. Net income stood at $1.9 million. Exodus strengthened its position by reducing costs by 6% and adjusting to the bear market by slashing administrative and marketing expenses by 65%.
Exodus Strengthens Despite Revenue Decline
According to Exodus, order collection transactions accounted for the majority of total revenue in the second quarter, amounting to $11.6 million. Fiat onboarding revenue increased by 220% to $561,000 compared to 2022. The volume of exchange provider transactions in the second quarter decreased by 12% to $591.5 million compared to the same period in 2022. Bitcoin, Tether, and Ethereum were the most traded assets in the quarter, accounting for 27%, 16%, and 12% of the volume, respectively.
Exodus also generates revenue from third-party API integration fees. However, the monthly active user count decreased by 6% in the second quarter, dropping from 817,972 to 772,839.
Despite the decline in revenue, Exodus’ results strengthened with costs decreasing by 6% to $7.1 million compared to the same period last year. The decrease in staff count and cloud infrastructure expenses contributed to the cost reduction. The company stated, “As of June 30, 2022, the Exodus team consisted of 290 full-time equivalent employees, which decreased to approximately 195 as of June 30, 2023.”
Public Company Holding Over 1,000 Bitcoins
In the midst of the bear market, Exodus also reduced administrative and marketing expenses by 65% to $4 million in this quarter. Total general and administrative expenses accounted for 32.2% of the company’s revenue, showing a significant decrease compared to the 87.1% in the second quarter of 2022. As of June 30, Exodus held over 1,000 Bitcoins in its corporate treasury, along with $55 million in cash, cash equivalents, and US Treasury bonds, making it one of the few publicly traded companies with such a substantial Bitcoin holding.
Notable developments in the quarter include the integration with Robinhood Connect, allowing users to buy and hold cryptocurrencies on Exodus through Robinhood’s cash and buying power. Exodus also added full support for Matic staking, as well as Arbitrum and Optimism.
JP Richardson, CEO and co-founder of Exodus, said, “As a result, the next step for Exodus is to provide our technology to other companies commonly known as Wallet as a Service or Infrastructure as a Service.”
